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KCB to Acquire National Bank of Kenya

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The KCB Group PLC has made an
offer to acquire 100% of the ordinary shares of National Bank of Kenya Limited
(NBK). Both KCB and NBK are listed on the Nairobi Securities Exchange (NSE).

The offer is subject to
shareholder and regulatory approvals and has been served on NBK.

KCB proposes to make the
acquisition through a share swap of 10 ordinary shares of NBK for every 1
ordinary share of KCB.

KCB Group, which has presence
in six countries and a representative office in Ethiopia, has been keen to tap
into new growth opportunities while reinforcing existing market capabilities.

KCB Group CEO and MD Joshua
Oigara said the transaction fits within KCB’s expansion strategy and gives it a
stronger edge to play a bigger role in driving the financial inclusion agenda
in the East African region while building a robust and financially sustainable
organisation.

“The proposed transaction
will further consolidate the banking sector in Kenya and will create stronger
institutions enabling KCB to play a bigger role in the financial inclusion
agenda. The acquisition would accelerate the Group’s growth ambitions and
enhance value to all stakeholders,” said Mr. Oigara.

KCB will provide further details in due course
as required.


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